Funding Milestone: A Game Changer
In a notable turn of events, California-based fintech Figure Technologies has successfully completed a hefty $103 million funding round, with the esteemed Morgan Creek Digital leading the charge. This announcement, which hit the press on December 5, does not just signify a financial boost; it’s a powerful endorsement of blockchain innovation in the financial sector.
Who’s on Board?
Joining the ranks of Figure’s board is none other than Anthony Pompliano, co-founder of Morgan Creek. His expertise will undoubtedly add significant value as Figure aims to reshape the lending landscape. The news comes hot on the heels of Figure securing $58 million just three days prior, highlighting a swift and strategic fundraising effort.
Total Funding and Future Aspirations
With this latest injection, Figure Technologies’ total funding has exceeded a whopping $225 million, setting its valuation at an impressive $1.2 billion. Mike Cagney, co-founder and CEO, voiced optimism about the new resources, stating they would bolster their mission to harness blockchain technology in lending, borrowing, and investment services not only in America but around the globe.
A Diverse Investor Pool
Figure’s Series C funding round also saw participation from MUFG Innovation Partners, a venture capital arm of Japan’s MUFG Holdings. The round was rounded out by other notable names including DCM, Digital Currency Group, Ribbit Capital, and RPM Ventures. This diverse pool of investors is a testament to the industry’s confidence in Figure’s vision.
Revolutionizing Lending: Speed and Efficiency
Figure’s flagship offering, the Home Equity Line, reflects the company’s commitment to innovation. This product boasts a streamlined approval process, with users potentially gaining approval in as little as five minutes and funding in five days— a stark contrast to the sluggish 45-day wait typical of traditional lenders. This combination of speed and efficiency speaks volumes about the potential of blockchain technology in transforming finance.
Pompliano’s Vision for the Future
In a rather striking statement, Pompliano remarked, “Every stock, bond, currency, and commodity will eventually be digitized.” He emphasized that Figure’s mission aligns seamlessly with this future, aiming to eliminate inefficiencies within the lending process by leveraging blockchain’s remarkable capabilities. In a world fraught with delays and outdated practices, Figure is positioned as a beacon of progress.
